Profile: Who is the new Fed chair Jerome Powell?

Profile: Who is the new Fed chair Jerome Powell?

Powell was nominated as a Fed governor in 2012 and helped craft post-crisis regulations that he supports, but he said during a November 28 nomination hearing that he believes in tailoring regulations to the risk posed by institutions.

Janet Yellen may have been replaced as Federal Reserve Chair, but she's not joining the ranks of the unemployed. A centrist on monetary policy, he is known as a pragmatic and down-to-earth official with private sector and government experience.

He received a bachelor degree in politics from Princeton University and a law degree from Georgetown University. In a video message, Powell pledged to support continued economic growth and a healthy job market while remaining "vigilant" to any emerging economic risks. "I would have liked to serve an additional term and I did make that clear, so I will say I was disappointed not to be reappointed", Yellen told "PBS NewsHour" on Friday, Feb. 2.

But Mr Faust said it might be particularly important to have a trained economist as chairman if there was another recession.

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Mr Powell, who regularly commutes to the Fed by bike, was born in the Washington DC area. The Fed board signed off on the consent order by a 3-0 vote, with Powell supporting the move.

He is a Republican with deep roots in the party's establishment and in the financial industry.

With the economy improving steadily, the Fed will likely raise rates three times in 2018, as projected under Yellen.

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